Lincoln provides solutions to your clients with long-term care funding needs. Our commitment to quality solutions is based on responsible financial management decisions. In this interest rate environment, it is necessary to make a few adjustments to Lincoln MoneyGuard® Reserve Plus and Lincoln MoneyGuard® Reserve products. Lincoln MoneyGuard products are universal life insurance policies with optional riders that provide reimbursements for qualified long term care expenses.
What is changing?
– Single pay premium rates will increase up to 5%.* Flex pay premiums will remain unchanged.
– Minimum specified amount will change from $25,000 to $50,000 for all Lincoln MoneyGuard products including single pay and flex pay.
What you will receive
New marketing materials will be provided to replace current collateral where there are examples of cost/benefits included.
What you need to do
• To receive current premium rates, all paperwork (tickets and all associated new business submission paperwork and illustrations) must be received by February 15, 2013.
• Ensure that you are appropriately credentialed. Clients of advisors who are not properly credentialed to solicit business when the paperwork is submitted will be subject to the premium rates in effect on the date when the advisor becomes properly credentialed and resubmits the paperwork.
• Remember that once a ticket is submitted, the Personal History Interview (PHI) must be completed within 60 days of submission. In addition, the case must be placed within 90 days. If these conditions are not met, the case will be closed out. If a case is reopened, a new ticket must be submitted, and the case will be subject to these benefit adjustments.
For assistance in getting any Lincoln Moneyguard business placed before these deadlines, please contact one of our wholesalers at 612-454-4400.